Big Data is receiving a lot of attention and investment at the moment, with the combination of technology and analytics generating enormous possibility. As Greg Satell rightly points out, businesses that neglect Big Data will be left behind. Data, and smart ways of generation, can potentially identify new patterns as well as test new hypotheses and simulations. So
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A lot has happened in Open Innovation since Henry Chesbrough coined the term in his 2003 book. The term appears to be well understood, many companies have implemented it and a lot has been published. And yet…….
This is the second of two articles, co-written with Ralph-Christian Ohr from Integrative Innovation.
In our previous post, we discussed how Strategic Portfolio Management (SPM) ensures that the content of the portfolio is driven by innovation strategy and associated targets. We would now like to move on to Operational Portfolio Management (OPM), where the portfolio directs resource allocation, metrics and reporting on an operational and tactical level.
This is a two-part article, co-written by Innovation Fixer’s Kevin McFarthing and Ralph-Christian Ohr from Integrative Innovation.
Facing increasingly dynamic and unpredictable environments, firms are required to develop convenient innovation strategies, constantly adapt them to changing conditions and properly implement strategically-aligned initiatives throughout their organizations. Innovation portfolio management (IPM) can act as the pivotal tool to translate strategic objectives and priorities into project-based innovation activities. Furthermore, it provides a framework to convert raw ideas into real investment opportunities, based on their risk profile.
As I’ve written before, the portfolio is the pivotal tool for innovation. It provides the link to corporate strategy; ensures the desired balance across different innovation horizons; enables and communicates priorities; and with the appropriate communication it reports progress towards innovation goals. It is this final point that I would now like to explore.